tv [untitled] February 7, 2012 11:48pm-12:18am PST
so with that, jennifer, thank you. this is a good announcement, consistent with everything we are doing to activate and not be sitting back while our economy tries to make sure we get a full recovery. [applause] >> i would like to introduce board president david chu, followed by scott wiener, two of the strong supporters of small business on the board today. >> thank you, jennifer. i wanted to come here for a couple of reasons. i made a resolution this new year's to go to the gym a little bit, in part, because of brenda's and all the food i have eaten here. also as a resident of pulp street, this establishment has been an anchor for what we are trying to do all up and down polk street. as we bring ourselves out of the great recession, what happens to small businesses will have to drive our economic success.
last year, on the campaign trail, many of the candidates talk about the importance of recapitalizing this loan program. i know this has been a huge concern ever since i served on the small business commission. small businesses all over the city have been clamoring for help that has not been provided by financial institutions. i want to thank wells fargo for your leadership. they understand the issues that our city has, certainly in the southeast neighborhoods where we have had a record number of foreclosures, in part, driven by the lack of small businesses and the ability to get loans. many of us that the board of supervisors want to ensure this program gets as big as possible. i want to thank the mayor for your commitment. i hope in the term we are serving together, we figure out how to surpass the $5 million number. if we look to get this through the board as quickly as possible and eating many more
soul food breakfasts at places like brenda's. [applause] >> thank you. the last time i was at an event for the revolving loan fund was in my district at a place called mission cheese. it is a very successful small business and i understand it is repaying its loan. this is one of those programs where you can invest a small amount of money and get a big bang for your buck. i also want to compliment the mayor and the full board. lots of time you hear politicians talk about helping small business, creating work force housing, repaving our road, but one of the hallmarks of this mayor and board is we do not just talk about these things and give speeches, we are actually doing these things,
creating a fund, and investing in our businesses. i know we would keep on doing this work and we will make this program a huge success. thank you. [applause] >> i would like to know introduced tracy curtis, a san francisco regional president of wells fargo. wells fargo worked closely with our office, in coordinating the dollars, so we could have one coherent loan fund, which leverages the dollars that we are talking about introducing today, with their what -- and the wells fargo money. the business technical assistance provided by working solutions has helped. we feel this is a true partnership. it is not just two pots of money we are announcing today. >> first of all, thank you. i want to thank the mayor and
supervises for being here today and to celebrate the revitalization of this loan fund. in case you did not know, wells fargo is 160 years old this week. we are still the largest and oldest financial company here in the city. san francisco has special meaning for us. i have to tell you, i was at the mayor's inauguration and he said he would never stop using the words job and job creation. that is what this is about today. we have given $431,000 to the revolving loan fund at below market rate. for 160 years, we have helped businesses thrive, through the gold rush days, through the technology boom, and now through the economic recovery, especially here in the bay area. we know when we revitalizes small businesses, we create jobs. and that is what we need here.
that is what this partnership is all about. if we do not have successful communities, we know we cannot be a successful corporation. it is with great pleasure that wells fargo partners with the city. we are also good partners with working solutions, have done many things with them. we are so happy they are involved in this partnership. we, at wells fargo dedicated to partner with the city of san francisco to make this once again the thriving community that it has always been. again, thank you for being here today. [applause] >> finally, i want to introduce the executive director of working solutions, along with -- where is brenda? the owner of the restaurant, who i think will be coming forward.
>> good morning, such a pleasure to be here. i want to thank you, mayor lee, pa your leadership in prioritizing access to capital for small businesses, which is so crucial. i also want to think board president david chiu and scott wiener for your of leadership, as well, the board of supervisors, for continuing to part by small business needs. two years ago, working solutions was chosen to administer the city's role of the loan fund and we have successfully lent out those dollars. $665,000 lent out to 27 businesses. the result is 16 new businesses were created and 11 existing businesses were expanded. 74 jobs were created, and even five of these businesses went on to later graduate and be able to get some bank financing totaling $500,000 combined. we are so thrilled to hear about
the recapitalization of the loan fund, with $1.5 million. this is such a thrill for us because working solutions is all about getting access to capital to the businesses that need it the most, so they can create jobs and thrive. we are excited to build on the momentum we built over the last two years for this loan fund. wells fargo, i want to knowledge. we have a partner with them for over 12 years. it is so exciting to have to be an investor in this fund and setting aside funds specifically for the southeast sector, where funds are so well needed. partners are truly the key to the success of the revolving loan fund and have been thus far. we really want to talk about how important that will be, going forward. i wanted to acknowledge the small business commission, renaissance entrepreneurship center, who recommended brenda's
to us, as well as the office of workforce development. thank you for your partnership and all that you do to support small businesses. finally, i wanted to congratulate brenda and libby, the owners of this fine establishment. you are such a shining example of small business success. i was just talking to brenda and she told me, since she received a loan from working solutions, she has doubled her number of employees, 24. the restaurant is truly a cornerstone of this neighborhood, and personally, it is one of my favorite restaurants. this is where i come to celebrate birthdays, family occasions, and working solutions even came here to celebrate the holidays. when you come here, everything is top notch, from the broiled oysters appetizer, grew to the deserts, which are amazing. there is no describing how
delicious it is. just wonderful. brenda and libby, your hard work and dedication and the entrepreneurial spirit are just so inspiring to myself and everyone. with that, i wanted to introduce brenda, who has a few special items she would like to bring up to have the mayor try. >> i just want to say thank you, in particular, to the mayor, mayor's office, wells fargo, working solutions. without you guys, we would not be here right now. thank you for that. there is the food.